The report says in an effort to keep up with major rival Microsoft who are also rumored to be releasing the next installment of their Xbox line for Christmas time 2013, Sony will push the Playstation 4 to round about the same date as the Xbox 720.

Now Gamer reported via the Examiner, Wedbush Securities analyst Michael Pachter said there is no way Sony wants to be behind Microsoft in the console race again, which makes them likely to debut their next-generation system during October of 2013.

"I don't think Sony wants to launch behind Microsoft again, so I'm confident we'll see a PS4 in October or November 2013. It isn't likely that they will launch earlier, as it doesn't make sense to get out too far in front of software, and I'm pretty confident that few developers have been working on PS4 games for more than a year or so. Holiday 2013 will be a comfortable window for Sony, and will give them a chance to get a head start on Microsoft," Pachter said.

A report earlier in the year from Playstation UK's Fergal Gara said that development of the "PS4," is ongoing and would probably be launched for 2014, stating that development resources were a bit scanty at the time.

"We do have a challenge to manage the next generation of consoles, particularly in terms of dev studio resources. The more platforms you have, and the amount of rich content you have to deliver on all the systems you are supporting clearly puts pressure on decisions made across the studio network, which is something we are battling with," Gara told Digital Trends.

The secret codename given to Sony's new product is called the "Orbis" and will look to take the Sony brand forward.